Pino Corporation owned a 100% interest in a subsidiary, Sino Company, which was accounted for...
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Pino Corporation owned a 100% interest in a subsidiary, Sino Company, which was accounted for by the equity method, During 2020, Sino net income $243,000. Sino declared and paid a $80,000 dividend during Year 2020. There were no differences between the current fair values and carrying amounts of Sinos identifiable net assets on the date of the business combination, and there was no goodwill in the business combination. the consolidated net income of Pino Corporation and Sino for 2020 $ 743,000. the consolidated net income of the parent and its subsidiary for 2020 is:
a.
$ 500,000.
b.
$ 560,000.
c.
$ 533,000.
d.
$ 743,000.
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